KARACHI: The cotton market remained devoid of activity on Monday as leading spinners were conspicuous by their absence. However, small millers looked keen to replenish their stocks, but high prices deterred them.

Consequently, trading activity was extremely slow and restricted owing to short supply of quality cotton and high lint prices, brokers said. As the current cotton season nears end, the availability of quality cotton at competitive prices has become difficult, they added.

Though leading world cotton markets were firm, the domestic market worked under its own dynamics. The New York and Chinese markets were firm while the Indian market closed steady after experiencing correction in early trading.

Barring a few small-lot deals which changed hands on the ready counter, the market remained devoid of activity. However, brokers said that many small deals struck in late trading were not reported.

The Karachi Cotton Association’s spot rates were steady at weekend level. Only one deal of 2,000 bales from Bahawalpur at Rs6,950 a maund (around 37 kilograms) was reported officially.

Published in Dawn, February 28th, 2017